LONDON: Irish no-frills airline Ryanair said on Monday that it sank into the red in the first half of its financial year due to the coronavirus fallout and warned of more losses to come.

Ryanair suffered a loss after tax of 197 million euros ($229 million) in the six months to September, which contrasted with a year-earlier net profit of 1.15 billion euros, it said in a results statement.

The Dublin-based carrier warned that it “expects to record higher losses” in the second half of the current 2020-2021 fiscal year, despite falling costs and a stronger balance sheet.

“Covid-19 grounded the group’s entire fleet from mid-March to the end of June as EU governments imposed flight or travel bans and widespread population lockdowns,” the airline said.

The Covid-19 pandemic decimated demand for air travel and sparked major economic turmoil which has left global airlines fighting for survival.

Ryanair said traffic nosedived around 80 percent to 17.1 million passengers in the reporting period, compared with 86 million a year earlier.

Revenues tanked 78 percent to 1.2 billion euros, almost all of which were earned in the second quarter following a “successful” return to service at the start of July.

However, the aviation sector is now reeling once more from a deadly second wave of coronavirus, which has sparked renewed travel restrictions, quarantine rules and lockdowns.

Ryanair announced earlier this month that it would slash more flights this winter and temporarily shut bases in Cork and Shannon in Ireland, and Toulouse in France.

The group expects to slash its November-March winter capacity from 60 percent to “at least” 40 percent of the prior year.

‘Hugely challenging year’

Turning to the outlook, Ryanair said Monday that it would not provide annual earnings guidance due to the uncertain path of the virus — but warned it would be a “hugely challenging year” for the group.

“Given the current Covid-19 uncertainty, Ryanair cannot provide full-year profit after tax guidance at this time,” it said.

“The group expects to carry approximately 38 million passengers in 2020/2021, although this guidance could be further revised downwards” in the event of more travel restrictions and lockdowns over the winter period.

The rest of the year would be “significantly” impacted by a host of factors, including Brexit uncertainty, airline pricing, fuel costs, competition from existing and new carriers, government actions — and the willingness of passengers to travel, the airline added.

The virus outbreak has ravaged the global aviation sector, sparking heavy losses, job cuts, bankruptcies and state rescue plans.

Ryanair also slammed EU governments for what it described as a “flood of illegal state aid” to help major airlines struggling in the pandemic crisis.

The group added that this would “distort competition and allow failed flag carriers to engage in below-cost selling for many years.”

Ryanair is cutting 3,000 pilot and cabin crew jobs, or 15 percent of staff, mirroring moves by airlines globally to save cash in the face of collapsing demand.

Philippine headline inflation likely went up in October due to the increase in some food items and electricity rates, analysts polled by The Manila Times said.

Analysts forecast inflation to settle at 2.4 percent, slightly higher than the 2.3-percent consumer price growth in September this year and the 0.8 percent recorded in October 2019.

The Bangko Sentral ng Pilipinas (BSP) earlier projected inflation to settle between 1.9 to 2.7 percent.

The Philippine Statistics Authority (PSA) will release official October inflation data on November 5.

Security Bank Corp. Chief Economist Robert Dan Roces gave a forecast range of 2.2 to 2.6 percent (2.4 percent average).

“An uptrend in pork prices due to cases of the Asian swine flu (ASF) have been observed.

The impact of weather disturbances also put some price pressures on select food items, though price movements in the overall food basket remain mixed,” Roces said in a report.
Roces said electricity rates also went up during the month and a spike of electricity demand in Meralco service areas was also reported.

Meralco raised its per kilowatt-hour (kWh) rate for households consuming 200 kWh
monthly by P0.1212 last month.

Aside from some uptick in electricity rates and food prices, Roces said transport costs as well are expected to have provided some upward contribution to price growth as mobility, especially from public transport, improved with looser restrictions.

“If realized, average inflation year-to-date will remain at 2.5 percent which is also our forecast for full-year 2020,” he said.

Rizal Commercial Banking Corp. Chief Economist Michael Ricafort, for his part, also attributed the slight uptick to the increase of prices of some agriculture products, higher electricity rates and possible pick up in demand and prices of some basic commodities and other Yuletide holiday products in preparation for the Christmas season.

“Damage to agriculture largely brought about by the series of typhoons that hit the country in October 2020 may have resulted in some pick up in prices especially of food and other agricultural products, which have a significant weight on the inflation basket,” he said.

“Latest moves to further reopen the economy including easing of restrictions on public transportation and continued improvement in some economic data may have led to some pick up in demand and prices in the economy,” added Ricafort.

Ricafort, however, said that any uptick in inflation may be offset by the relatively slower economic recovery amid social-distancing and other stringent measures to prevent the coronavirus disease 2019 (Covid-19) from spreading.

‘Palay’ prices and US dollar

He said the gradual easing of palay prices and rice retail prices in recent months and the slightly stronger peso exchange rate versus the US dollar could also offset the uptick.

Latest PSA data show that rice prices declined in the first week of October, with the average retail price of regular milled rice dropping to P37.04 per kilogram from P37.25 per kilogram the week before.

For the coming months, inflation would remain benign to range 2.3 to 2.4 percent until November 2020 and possibly a little less than 2 percent in December 2020 up to January 2021 largely due to higher base effects, partly supported by relatively slower economic recovery as Metro Manila remains at GCQ (general community quarantine) for the month of November 2020,” said Ricafort.

ING Bank Manila Senior Economist Nicholas Mapa, meanwhile, said base effects alongside slightly higher food prices, transport costs and education expenses will be the likely drivers for the slight uptick in headline inflation.

He said, however, that on the downside, softer prices for recreation and utilities can be expected.

“We continue to believe that headline inflation numbers may currently run slightly faster than actual inflation on the ground.  Given that PSA estimates inflation based on a fixed-weight basket, headline inflation numbers may not be able to capture the natural shift of consumers during the pandemic,” said Mapa.

“We can surmise that Filipinos are now shifting expenses away from items such as transport and recreation (due to quarantines) to expenditures related to basic goods such as food, which are now seeing a slight deceleration in prices, reflective of depressed domestic demand,” he added.

According to Mapa, demand may bounce ahead of the holidays but base effects in November and December “coupled with still anemic demand may push headline lower to close out the year and into 2021.”

PH1 World Developers (“PH1 World”), an affiliate of MySpace Properties Inc., is set to unveil its first high-rise condominium project, My Enso Lofts (My Enso), with the promise to offer residents more out of each unit by providing extra space at no extra cost.

Located in Timog Avenue, Quezon City and built by engineering and infrastructure conglomerate Megawide Construction Corp. (Megawide), My Enso offers 1,204 residential units in one integrated lifestyle tower.

Given its strategic location My Enso’s gives residents access to the commercial establishments within the vicinity, as well as schools, places or worship and hospitals if the need arises.

“PH1 World Developers is a company driven to disrupt the conventions of property development in the Philippines to transform the way Filipinos live and work. With our newest project, My Enso Lofts, we will deliver a condo that utilizes innovative engineering to provide homeowners with extra living space at no extra cost, right in the heart of Quezon City,” said Albert Ong, PH1 World assistant vice-president for Business Development.

On their part, Megawide Chairman and Chief Executive Officer Edgar Saavedra expressed his appreciation of the company’s partnership with PH1 World.

“We share a common goal with PH1 World to innovate and elevate the way structures are built in the Philippines. Megawide is proud to be the construction partner of PH1 World and we are dedicated to delivering the highest standards of excellence and innovation for My Enso,” said Saavedra.

AddLoft technology: Extra space at no extra cost

For My Enso, PH1 World and Megawide introduced AddLoft technology, a unique engineering solution employed to maximize unit space. AddLoft, provides each unit a loft structure to maximize its high ceiling spaces, to which homeowner can customize to suit their needs.

“With PH1’s AddLoft Technology, having dedicated spaces for work and play will never be an issue for My Enso residents, especially with today’s new working and living requirements,” said Gigi Alcantara, PH1 World vice-president for Sales and Marketing.

“Whether you need space for a home office, home schooling, storage, or your personal passions, you can utilize the loft space according to your needs. AddLoft really brings extra value to the unit, in whatever way it suits your lifestyle,” she further explained.

Extra features

The semi-furnished units follow a modern minimalist aesthetic with thoughtful and functional pieces. Unit owners can also look forward to high-quality indoor environmental standards as the building will feature environment-friendly and energy-efficient structural and design elements.

Residents will get to enjoy exclusive access to leisure and business amenities including a co-working space, a rooftop garden, underground parking, plus access to commercial and retail spaces on the lower floors. The building is also equipped with 24-hour security and keyless entry locks to give residents peace of mind.

According to Ong, they are “are pushing for extra” as he explained My Enso’s features.
“My Enso’s AddLoft technology, plus the location and quality engineering thanks to Megawide, enables us to bring first-world homes to our patrons,” he added.

My Enso Lofts is expected to be completed by the 4th quarter of 2025 and will be available for pre-selling starting October 2020.

The sentiment toward the shares of Century Pacific Food Inc. would be dependent on the results of its third-quarter and nine-month earnings report, an analyst said.

“With the release of its earnings within this month, this may dictate the sentiment depending on the results,” Diversified Securities Inc. trader Aniceto Pangan said in a text message.

The shares of the listed food-manufacturing firm closed among the top decliners last week as it fell 98 centavos or 5.94 percent to P15.52 apiece amid the 1.19-percent climb of the main index on Friday.

Pangan said the price of Century Pacific Food corrected during the previous trading week, while it was on consolidation for the month of October, as its shares slumped by 9.56-percent on a monthly basis.

“For October, it was on consolidation at a high of P18 per share to a low of P16.70 per share until the last two consecutive trading days, as local market corrected in line with the global market,” he noted.

Pangan explained that Century Pacific Food was a beneficiary of the heightened demand during the second quarter amid the implementation of the strict enhanced community quarantine (ECQ).

“Century Pacific Food was a beneficiary of the heightened demand during the second quarter as their staple canned products, marine and meat were the main focus of the government in their food subsidy program during ECQ, while milk serves for health and wellness benefits,” Pangan said.

He added the demand for food began normalizing along with the easement of the quarantine restrictions, which he said might push Century Pacific’s growth to consolidate to the normal state.

Century Pacific Food recorded a 31-percent surge in its net income during the first half of the year to P2.24 billion from P1.7 billion in the same period last year on the back of the growth of its consolidated revenues.

The conglomerate’s revenues soared by 28-percent year-on-year to P25.1 billion from P19.6 billion as its shelf-stable products saw a heightened demand in the months of April, May and June.

Its core branded products of marine and meat and milk business also exhibited strong results during the period.

Meanwhile, Pangan sees the stock undergoing a price correction as it has just broken out of its consolidation phase.

Subsidies extended by the national government to state-owned firms shrank in September, data from the Bureau of the Treasury showed, with the bulk extended to the National Irrigation Administration (NIA).

Thirty one government-owned and -controlled corporations got a total of P7.12-billion assistance during the month, down by 88.1 percent from P60.27 billion in August 2019.

NIA secured P2.62 billion last month. The agency is responsible for irrigation development and management in the country.

The Bases Conversion Development Authority came in second in subsidies received with P1.03 billion followed by National Power Corp. with P753 million.

Also securing assistance in September were the National Home Mortgage Finance Corp., Local Water Utilities Administration, National Electrification Administration,  Aurora Pacific Economic Zone and Freeport Authority, Cultural Center of the Philippines, Credit Information Corp., Center for International Trade Expositions and Missions, Development Academy of the Philippines, IBC-13, Lung Center of the Philippines, National Dairy Authority, National Kidney and Transplant Institute, Philippine Coconut Authority, Philippine Center for Economic Development, Philippine Crop Insurance Corp., Philippine Children’s Medical Center, Philippine Fisheries Development Authority, Philippine Heart Center, Philippine Health Insurance Corporation, Philippine Rice Research Institute, Philippine Institute for Development Studies, PPC, People’s Television Network Inc., Subic Bay Metropolitan Authority, Social Housing Finance Corp., and Zamboanga City Special
Economic Zone.

Year-to-date, government subsidies reached P199.6 billion.

The Social Security System (SSS) got the biggest allocation during the nine-month period with P51 billion. It can be noted that SSS was the implementing agency of the P 51-billion Small Business Wage Subsidy (SBWS) program.

Launched in April, the SBWS program provided 3.1 million workers in the formal sector employed in micro, small and medium enterprises P5,000 to P8,000 wage subsidies for the month of April and May. The amount of the subsidies depends on the regions where the workers are employed.

In 2019, the government gave away a record P201.52 billion in subsidies.

Subsidies are part of the national government’s disbursement program.

The sentiment in the direction of the shares of Century Pacific Food Inc. Might be dependent on the consequences of its 0.33-quarter and nine-month income file, an analyst stated.

Argentina is considered one of Century Pacific Food’s manufacturers, in conjunction with Century Tuna, 555, Swift, Birch Tree Fortified Milk, Angel Milk, Fresca, Wow Ulam, Hunt’s and Coco Mama. (Photo from the Century Pacific Food Inc. Website)
“With the release of its income inside this month, this may dictate the sentiment relying at the consequences,” Diversified Securities Inc. Dealer Aniceto Pangan said in a textual content message.

The stocks of the indexed food-production company closed some of the pinnacle decliners last week because it fell ninety eight centavos or five.Ninety four percentage to P15.Fifty two apiece amid the 1.19-percentage climb of the principle index on Friday.

Pangan stated the rate of Century Pacific Food corrected at some stage in the preceding trading week, while it was on consolidation for the https://atozmarkets.com/brokers/deltamarket/ month of October, as its shares slumped by 9.Fifty six-percentage on a monthly basis.

“For October, it was on consolidation at a excessive of P18 in line with percentage to a low of P16.70 consistent with percentage until the ultimate two consecutive trading days, as nearby market corrected in keeping with the worldwide marketplace,” he noted.

Pangan explained that Century Pacific Food was a beneficiary of the heightened demand in the course of the second area amid the implementation of the stern more desirable network quarantine (ECQ).

“Century Pacific Food was a beneficiary of the heightened demand during the second zone as their staple canned merchandise, marine and meat had been the primary recognition of the government in their meals subsidy application in the course of ECQ, even as milk serves for fitness and well-being blessings,” Pangan stated.

He added the demand for meals commenced normalizing in conjunction with the easement of the quarantine regulations, which he said may push Century Pacific’s growth to consolidate to the everyday country.

Century Pacific Food recorded a 31-percentage surge in its net income during the primary half of of the yr to P2.24 billion from P1.7 billion within the identical length last yr at the again of the growth of its consolidated sales.

The conglomerate’s sales soared by using 28-percent year-on-year to P25.1 billion from P19.6 billion as its shelf-strong products noticed a heightened demand in the months of April, May and June.

Its middle branded merchandise of marine and meat and milk commercial enterprise also exhibited robust effects at some point of the length.

Meanwhile, Pangan sees the stock present process a rate correction as it has just damaged out of its consolidation section.
PH1 World Developers (“PH1 World”), an affiliate of MySpace Properties Inc., is set to unveil its first high-rise apartment assignment, My Enso Lofts (My Enso), with the promise to provide residents more out of every unit by means of presenting greater area at no extra value.

Artist’s concept of My Ensō Lofts.
Located in Timog Avenue, Quezon City and built by way of engineering and infrastructure conglomerate Megawide Construction Corp. (Megawide), My Enso gives 1,204 residential gadgets in one integrated way of life tower.

Given its strategic area My Enso’s offers residents get entry to to the economic establishments in the region, in addition to colleges, places or worship and hospitals if the need arises.

“PH1 World Developers is a employer pushed to disrupt the conventions of assets development inside the Philippines to transform the manner Filipinos live and paintings. With our newest undertaking, My Enso Lofts, we will deliver a rental that utilizes progressive engineering to offer house owners with greater dwelling space at no greater value, right within the heart of Quezon City,” stated Albert Ong, PH1 World assistant vice-president for Business Development.

On their component, Megawide Chairman and Chief Executive Officer Edgar Saavedra expressed his appreciation of the employer’s partnership with PH1 World.

“We share a not unusual goal with PH1 World to innovate and raise the way systems are built in the Philippines. Megawide is proud to be the development accomplice of PH1 World and we are committed to handing over the best requirements of excellence and innovation for My Enso,” said Saavedra.

AddLoft technology: Extra space at no extra cost

For My Enso, PH1 World and Megawide added AddLoft generation, a completely unique engineering answer hired to maximise unit area. AddLoft, provides each unit a loft structure to maximise its excessive ceiling areas, to which homeowner can customise to suit their needs.

“With PH1’s AddLoft Technology, having devoted spaces for paintings and play will never be an trouble for My Enso residents, especially with nowadays’s new running and living requirements,” said Gigi Alcantara, PH1 World vice-president for Sales and Marketing.

“Whether you need area for a home office, domestic education, garage, or your non-public passions, you could utilize the loft space according to your desires. AddLoft without a doubt brings extra cost to the unit, in whatever manner it fits your life-style,” she further explained.

Extra features

The semi-provided units observe a current minimalist aesthetic with considerate and functional pieces. Unit proprietors also can sit up for first rate indoor environmental standards as the constructing will characteristic environment-friendly and power-green structural and design factors.

Residents will get to revel in unique get right of entry to to entertainment and business amenities including a co-running space, a rooftop garden, underground parking, plus get admission to to business and retail spaces at the decrease flooring. The constructing is also ready with 24-hour safety and keyless access locks to give residents peace of thoughts.

According to Ong, they’re “are pushing for extra” as he defined My Enso’s capabilities.
“My Enso’s AddLoft generation, plus the region and high-quality engineering thanks to Megawide, allows us to deliver first-international homes to our buyers,” he brought.

My Enso Lofts is predicted to be completed by the 4th region of 2025 and could be available for pre-selling starting October 2020.

Subsidies extended by the national government to state-owned firms shrank in September, data from the Bureau of the Treasury showed, with the bulk extended to the National Irrigation Administration (NIA).

Thirty one government-owned and -controlled corporations got a total of P7.12-billion assistance during the month, down by 88.1 percent from P60.27 billion in August 2019.

NIA secured P2.62 billion last month. The agency is responsible for irrigation development and management in the country.

The Bases Conversion Development Authority came in second in subsidies received with P1.03 billion followed by National Power Corp. with P753 million.

Also securing assistance in September were the National Home Mortgage Finance Corp., Local Water Utilities Administration, National Electrification Administration,  Aurora Pacific Economic Zone and Freeport Authority, Cultural Center of the Philippines, Credit Information Corp., Center for International Trade Expositions and Missions, Development Academy of the Philippines, IBC-13, Lung Center of the Philippines, National Dairy Authority, National Kidney and Transplant Institute, Philippine Coconut Authority, Philippine Center for Economic Development, Philippine Crop Insurance Corp., Philippine Children’s Medical Center, Philippine Fisheries Development Authority, Philippine Heart Center, Philippine Health Insurance Corporation, Philippine Rice Research Institute, Philippine Institute for Development Studies, PPC, People’s Television Network Inc., Subic Bay Metropolitan Authority, Social Housing Finance Corp., and Zamboanga City Special
Economic Zone.

Year-to-date, government subsidies reached P199.6 billion.

The Social Security System (SSS) got the biggest allocation during the nine-month period with P51 billion. It can be noted that SSS was the implementing agency of the P 51-billion Small Business Wage Subsidy (SBWS) program.

Launched in April, the SBWS program provided 3.1 million workers in the formal sector employed in micro, small and medium enterprises P5,000 to P8,000 wage subsidies for the month of April and May. The amount of the subsidies depends on the regions where the workers are employed.

In 2019, the government gave away a record P201.52 billion in subsidies.

Subsidies are part of the national government’s disbursement program.

Our objective in our partnership with you on this next section is to create an ecosystem with the intention to similarly foster sustained and more inclusive increase for the IT-BPM sector,” Lopez stated, expressing the hope that IBPAP will continue promoting the united states of america’s competitive advantages and increase potential in each current and new areas of outsourcing.

He emphasised the essential function that the IT-BPM enterprise performs in enhancing the country’s competitive advantage as a choicest vacation spot for voice and non-voice services.

The DTI chief mentioned coverage reforms and different authorities initiatives for the IT-BPM industry, consisting of the implementation of the Training for Work Scholarship Program (TWSP), which has benefited more than 230,000 graduates from 2010 to May 2016.

Lopez called on enterprise gamers to paintings with the authorities in crafting a new sport plan that as a way to enable the enterprise to create more jobs and make contributions to inclusive boom.

As the IT-BMP Industry Roadmap 2011-2016 nears end with goal revenues of up to $25 billion and an worker base of one.Three million through 12 months-cease, a new enterprise roadmap for 2017-2022 is slated to be made public subsequent month.

The IT-BMP zone’s contribution translates to a high cost brought of approximately $19,000 consistent with capita through yr-stop, Lopez stated, and this is projected to further increase as the sector objectives to accumulate better-cost projects on software development, healthcare statistics control, innovative services and products, and engineering offerings.

HILIPPINE gamers within the statistics generation and enterprise manner management (IT-BPM) should pursue a brand new game plan to preserve the industry’s boom trajectory as demand in the region is predicted to double via 2022, the Department of Trade and Industry (DTI) stated.

According to DTI Secretary Ramon Lopez, the overall worldwide opportunity for the IT-BPM industry is expected to develop from the modern $166 billion to $250 billion by using 2022.

“The Philippines has been growing at more than two times the worldwide marketplace increase rate over the last 5 years,” he stated at some point of the general club assembly assembly of the Information Technology and Business Process Association of the Philippines (IBPAP) on September 22.